Cryptocurrency Gives A Helping Hand To Disenfranchised Women
Bitlumens is a new cryptocurrency that has an audacious mission: To help the 1.1 Billion women in Latin America and Africa into the financial market and out of poverty. They will accomplish this mission with the Internet of Things, blockchain, and solar power. That seems unreasonable, but stick with me. Bitlumens has access to devices called the “Solar Home System.”
Solar Home System
They intend to lease out these devices to women in Latin America and Africa that they can used for solar power. This solar power can be harnessed and sold, giving women access to money. Women then pay back the lease in Bitlumens token (BLS).
Benefits of the System
Trade for Goods & Services
This accomplishes many things. First, it can start a small infrastructure in their villages where they can trade the energy they make with these devices for other goods. This gives them a means to trade for food or for money to pay for the solar device. so they can get fed or pay back the money that is needed to pay the installment for the Solar Home System.
Second, it can allow them to have electricity in their village that would otherwise have no access to regular electricity.
Build a Credit Score
Third, participating women would build a credit score by paying back their lease on their Solar Home System. Having a credit score is critical to climbing steps out of poverty because it can allow them to get things like loans and credits to help them then make more money.
Fourth, this would help reduce a lot of carbon emissions because most of those villages are currently using kerosene and biomass, which produce black coal and a lot of CO2. Both of these harm the environment and the villagers’ health. In addition, kerosene is less effective at powering a wick than solar powering is at powering an LED light.
Issues with the Solar Home System
Now, this all sounds great, but there are quite a few hurdles that they will have to overcome. First of all, most of these people do not have access to the internet, so having people pay in an online currency is practically impossible. In addition, the entire operation is run on the internet, so the infrastructure has to be in place prior to the inception of this project.
Recording both on and off the Blockchain
Bitlumens intends to address these issues by doing a mix of on chain, things that are recorded on and are functions of the blockchain, and off the chain. Functions that are done in real life, functions. It is difficult to replicate transactions that are done in real life on an online platform. For example, collecting money from people who do not have internet connection is problematic, so it will have to be an off chain activity. This means that Bitlumens will have an agent that collects the instalment of the lease from the women in their villages.
After that, they will then go online and exchange the IRL payments for Bitlumens that can be verified and accepted for the payment of the lease. As a result, these agents will take a small commission, and the villagers will have their instalments paid.
The token itself has many different uses. The primary use in this case is to send payments for the solar device. Another use is to give remittances, which is money that people generally give to their family to help support their family.
Sharing Credit Information
Another use as an avenue for sharing personal credit information to entities that may need it, such banks or other institutions that may give out loans. This is done by taking the information that is already on the devices, such as your payment history, your fingerprint, biometrics, and input and output energy of your device. This information is placed into a token.
This token is then put into a smart contract that will give the bank the information it needs once it gives the loan or the discount for which they are exchanging the information. This creates a trust-less system where the villagers get good loans or discounts and banks get a lot of information and good credited customers.
Provide energy to Villagers
This is the overall goal of Bitlumens’ mission: To provide energy to villagers and give them credit that gives them access to the financial market. Their website offers even more insight at bitlumens.com/